Zinger Key Points
- Global cryptocurrency market capitalization is trading 4.1% down to $2.7 trillion.
- One trader sees Bitcoin's bearish breakdown and retest underway, another trader marks a weekly close above $89,000 for a rally.
- Learn how to trade volatility during Q1 earnings season, live with Matt Maley on Wednesday, April 2 at 6 PM ET. Register for free now.
Cryptocurrency markets have plummeted on Friday, following renewed inflation fears.
| Cryptocurrency | Price | Gains +/- |
| Bitcoin BTC/USD | $83,620.45 | -4.3% |
| Ethereum ETH/USD | $1,879.34 | -6.7% |
| Solana SOL/USD | $129.23 | -7.1% |
| XRP XRP/USD | $2.17 | -7.4% |
| Dogecoin DOGE/USD | $0.1798 | -6.3% |
| Shiba Inu SHIB/USD | $0.00001320 | -6.6% |
Notable Statistics:
- IntoTheBlock data shows large transaction volume decreasing by 4.9%. Daily active addresses are up by 2.6%. Transactions greater than $100,000 are down from 9,796 to 8,936 in a single day. Exchanges netflows are down by 61.5%.
- Coinglass data reports 149,848 traders were liquidated in the past 24 hours for $443.51 million.
Notable Developments:
- Trump’s SEC Pick Paul Atkins Says His ‘Top Priority’ Will Be ‘Rational’ Crypto Regulations, Marking Shift From Gary Gensler’s Approach
- Galaxy Digital To Pay $200 Million In Terra-LUNA Settlement With New York Attorney General
- Bitcoin Options Worth Over $12 Billion Set To Expire On Friday: Market Volatility Looming Large?
- Kazakhstan Lawmaker Calls on Gov’t to Create a ‘National Crypto Bank’
- Japanese Game Developer Gumi to Hold $106k BTC Lottery for Shareholders
Top Losers:
| Cryptocurrency | Price | Gains +/- |
| Curve DAO Token CRYPTO: CRV) | $0.5075 | -13.1% |
| Sonic (CRYPTO: S) | $0.5349 | -12.1% |
| Bonk BONK/USD | $0.00001209 | -12.5% |
Trader Notes: Bitcoin investor Ted Pillows highlights a bullish falling wedge on BTC's chart, though he warns of a potential dip to $74,000 before any rebound. He believes a weekly close above $89,000 would confirm a bullish breakout.
Altcoin Sherpa notes that Bitcoin compression at current levels could lead to either massive gains or steep losses. Historically, a big BTC move in either direction tends to drag altcoins up or down by 20%, making the upcoming price action “interesting.”
Roman Trading warns that Bitcoin is undergoing a bearish breakdown and retest. He reiterates that recent price action has been bearish, not bullish, and targets $70,000 as a key level for a potential long position.
More Crypto Online describes Bitcoin’s price action as “still quiet”, noting that a clear bottom won't be in place unless BTC reclaims $85,640. He expects further downside over the weekend, potentially forming a wave 4 drift lower.
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